Coal called out as Queensland’s wallflower resource

The coal industry was not getting the credit it deserved by the Queensland Government. That came from the Queensland Resources Council who called out the scant acknowledgement for the almost $5 billion extra raised over budget forecasts through coal company royalty taxes. QRC CEO Ian Macfarlane It was the lion’s share of the state’s improved financial position said Queensland Resources Council Chief Executive Ian Macfarlane. In a report to parliament this week, Treasurer Cameron Dick confirmed the state’s official financial year operating surplus for 2021-22 was $4.3b up from the $1.9b originally forecast. Related: Calls to bargaining table to negotiate royalties Stamp Duty and payroll tax increases were acknowledged but there was little reference to the coal industry which contributed a record $7.29 billion in the last financial year as the result of higher commodity prices, said Mr Macfarlane. It proved that there was absolutely no need to jeopardise the sector’s future by increasing royalty taxes in the last state budget said Mr Macfarlane. Queensland Treasurer Cameron Dick “The Treasurer’s decision this financial year to suddenly increase coal royalty tax rates to the highest rates in the world has shocked companies and investors and seriously damaged our industry’s competitiveness and reputation. “The government’s unbelievable move to increase the top coal royalty tax rate from 15 to 40 percent, almost overnight and without consultation, has put a black mark against Queensland’s name as a safe place for resources companies to invest … “Considering the latest economic data shows how reliant the Queensland economy and employment is on the continuing prosperity and stability of the resources sector, this is a very concerning direction for the government to take. “Companies will vote with their feet and shift capital to other resources destinations around the world, or even within Australia, that offer a much better return on what can be literally billions of dollars’ worth of investment – investment and jobs that will no longer come to Queensland. “Already, Australia’s biggest mining company BHP has followed the Japanese government in expressing serious concerns about future investment plans for Queensland as a direct result of this tax hike. “The entire resources sector feels under threat from the State Government’s coal tax increase, not just the coal industry, which means the potential loss of thousands of jobs and economic opportunities, with regional Queensland to be hit first and hardest.”

Coal called out as Queensland’s wallflower resource

Industry Queensland

Related News

Hydrogen sector emerges as big Budget winner

MEU seeks update after surprise Anglo sale news

Confidence growing on Mongoose Deeps

Get access to breaking mining news, now.